Control Valve Market worth $10.6 billion by 2024 with a growing CAGR of 6.0%


According to the new market research report, "Control Valve Market by Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Valve Size, Valve Components (Actuators, Valve Body, Others), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power), and Geography - Global Forecast to 2024", the control valve market is projected to grow from USD 7.5 billion in 2018 to USD 10.6 billion by 2024, at a CAGR of 6.0% from 2018 to 2024. The key factors driving the growth of this market include the increased need for connected networks to maintain/monitor various equipment in plants and the installation of new nuclear plants, along with the upgrade of existing nuclear plants.

Oil & gas industry to lead the control valve market from 2018 to 2024

Oil & gas is expected to be the largest end-use industry of the control valve market during the forecast period. This is due to the increasing production of crude oil and rising demand for petroleum products from growing economies, such as China, India, Brazil, and Southeast Asian countries. Increasing oil production in China, growing offshore exploration in India, and emerging natural gas projects in the Philippines are expected to lead to the high demand for control valves. Discoveries of shale gas reserves in North America are expected to lead to the high production of oil, and thus in an increase in the demand for control valves during the forecast period. The resurgence of the oil & gas industry after the recent slump is expected to lead to an increase in production in the Middle East and, in turn, lead to the high demand for control valves from the upstream, midstream, and downstream sectors.

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Control valve market for actuators to grow at highest CAGR from 2018 to 2024

The control valve market for actuators is projected to grow at the highest CAGR during the forecast period. High demand for pneumatically actuated control valves from the oil & gas, energy & power, and chemicals industries is expected due to the availability of steam required to power these actuators. Pneumatically operated control valve actuators are the most preferred type in use; however, the demand for electric and hydraulic actuators is also increasing. Electric and electro-hydraulic actuators are more complex and expensive than pneumatic actuators. But these are advantageous when air supply sources are not available, wherein low ambient temperatures could freeze the condensed water in pneumatic supply lines, or when unusually large stem forces are needed.

Asia Pacific to lead the control valve market from 2018 to 2024

The control valve market in the Asia Pacific (APAC) accounted for the largest share of the overall market in 2017 and is projected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the market in the Asia Pacific include increasing population and rising focus of emerging economies on investing in industries, such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction, wherein control valves are required.

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Emerson (US), IMI PLC (US), Flowserve (US), and Weir Group (UK) are among the few major players in the control valve market.

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